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Atlanta Developer Moving Ahead on $600M Apartment Project
Invest Atlanta provided a $5 million acquisition loan for Mural Real Estate Partners’ upcoming purchase of roughly 26 acres near Greenbriar Mall. The Atlanta Business Chronicle reports that the developer plans to build 1,069 residential units and nearly 250,000 square feet of retail space on the property. The developer said it would restrict 15% of the residential units to households earning at or below 80% of the area median income.
Phase one will cost an estimated $316 million and last through 2028. The two-year-long second phase should cost $278 million, bringing the total investment to $594 million.
The “Mural Greenbriar” project will be located on two parcels at 2925 and 2975 Headland Drive SW, the first of which is currently home to Greenbriar Furniture.
The acquisition of the 26-acre assemblage is expected to cost $22.7 million.
The Development Authority of Fulton County approved an approximately $23 million tax break spread across 10 years.
- ◦Development
